
1. Data file 

----"data.dta" file corresponds to the original data in STATA submited by Wei et al. (2024). URL: https://doi.org/10.1016/j.eneco.2024.107817.

----"data_sup.dta" file corresponds to the supplement data in STATA extracted from Li et al. (2025). URL:  https://www.openicpsr.org/openicpsr/project/201661/version/V1/view.



2. Code file 

----"code.do" file corresponds to the original code in STATA submited by Wei et al. (2024).


----"code_repli.do" file corresponds to our replication do file in STATA. ////Please use this file to replicate results in our comment.


----"code.R" file in R to implement the regression adjustment approach proposed by Caetano and Callaway (2024), extracted from Callaway's homepage: https://github.com/bcallaway11/twfeweights.


3. Replcation file 

----"repli.smcl" file corresponds to replication resutls in STATA.